Office Depot Stock Forecast
Stronger technical forecast for Office Depot stock price after Friday trading.
(Updated on Apr 26, 2024)
The Office Depot stock price fell by -0.0778% on the last day (Friday, 26th Apr 2024) from $51.43 to $51.39. During the last trading day the stock fluctuated 1.54% from a day low at $50.71 to a day high of $51.49. The price has fallen in 6 of the last 10 days but is still up by 1.9% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -85 thousand shares and in total, 191 thousand shares were bought and sold for approximately $9.82 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -4.26% during the next 3 months and, with a 90% probability hold a price between $46.69 and $52.56 at the end of this 3-month period.
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ODP Signals & Forecast
The Office Depot stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $50.85 and $51.16. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, April 23, 2024, and so far it has fallen -1.76%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Office Depot stock
Office Depot finds support from accumulated volume at $51.18 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.780 between high and low, or 1.54%. For the last week the stock has had daily average volatility of 2.52%.
Our recommended stop-loss: $49.07 (-4.52%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (ODP) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Office Depot to open at $51.20, and during the day (based on 14 day Average True Range), to move between $50.19 and $52.59, which gives a possible trading interval of +/-$1.20 (+/-2.34%) up or down from last closing price. If Office Depot takes out the full calculated possible swing range there will be an estimated 4.68% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $51.18 (0.41%) than the resistance at $52.30 (1.77%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Office Depot stock A Buy?
Office Depot holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.056 Hold/Accumulate Upgraded
Predicted Opening Price for Office Depot of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $51.20 ( 0.376%) | $51.39 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ODP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 51.98 | 1.14 % | |
| R2 | 51.68 | 0.562 % | ||
| R1 | 51.49 | 0.204 % | ||
| Current price: | 51.39 | |||
| Support | S1 | 50.90 | -0.96 % | |
| S2 | 50.71 | -1.31 % | ||
| S3 | 50.42 | -1.89 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 56.48 | 9.90 % | |
| R2 | 54.96 | 6.95 % | ||
| R1 | 52.30 | 1.77 % | ||
| Current price | 51.39 | |||
| Support | S1 | 51.18 | -0.409% | |
| S2 | 51.09 | -0.584% | ||
| S3 | 50.13 | -2.45% |
ODP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 04, 2020 | Feb 28, 2020 | Jul 01, 2020 | $0.250 | 1.10% |
| 2 | Nov 06, 2019 | Nov 21, 2019 | Dec 13, 2019 | $0.250 | 1.02% |
| 3 | Aug 07, 2019 | Aug 22, 2019 | Sep 13, 2019 | $0.250 | 1.49% |
| 4 | May 08, 2019 | May 23, 2019 | Jun 14, 2019 | $0.250 | 1.32% |
| 5 | Feb 05, 2019 | Feb 28, 2019 | Mar 15, 2019 | $0.250 | 0.744% |
FAQ
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